The incoming weaker economic data from the United States (US) cast doubts about the need for further policy tightening by the Federal Reserve (Fed), which keeps the US Dollar (USD) bulls on the defensive and lends support to the Gold price. It is worth recalling that the US Bureau of Economic Analysis reported on Friday that the annual PCE Price Index decelerated to 3.8% in May from the 4.3% previous and the core gauge ticked down to 4.6% from 4.7% in April.
Furthermore, the Institute for Supply Management's (ISM) Manufacturing PMI dropped to the lowest level since May 2020 and came in at 46.0 for June. This marks the eighth straight month of contraction, which adds to worries about a global economic downturn and further seems to benefit the safe-haven Gold price. Despite the supporting factors, the XAU/USD remains below the one-week high touched on Monday, warranting caution before placing aggressive bullish bets.
GOLD
SELL 1927 - 1930 💯💯
✅ TP1: 1924
✅ TP2: 1920
✅ TP3: 1915
🛑 SL: 1934
Furthermore, the Institute for Supply Management's (ISM) Manufacturing PMI dropped to the lowest level since May 2020 and came in at 46.0 for June. This marks the eighth straight month of contraction, which adds to worries about a global economic downturn and further seems to benefit the safe-haven Gold price. Despite the supporting factors, the XAU/USD remains below the one-week high touched on Monday, warranting caution before placing aggressive bullish bets.
GOLD
SELL 1927 - 1930 💯💯 ✅ TP1: 1924
✅ TP2: 1920
✅ TP3: 1915
🛑 SL: 1934
